3XSQ: BofA to pay Fannie Mae billions for troubled mortgages

Jan 7 - Bank of America said it will pay $3.6 billion to Fannie Mae to settle claims related to residential mortgage loans for the nine years to the end of 2008.

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Headed -- America's latest mortgage move and -- it at an Australian airport later in the show. Welcome to. Three Times Square this Monday from Reuters world headquarters in New York. Howard Daley did it three point six billion dollars the latest move by Bank of America to clean up its mortgage mess. CEO Brian mining and -- agreeing to pay that amount -- -- made to settle claims related to residential mortgage loans. For a nine year period ending in 2008. The bank also agreed to buy back nearly seven billion in loans sold to the government agency. The state had to hurt via its fourth quarter profit. And say as the deals help reduce its expenses over time. Shares closed at 1211 Friday and are now at 1215. The stock was the best performer in the Dow Industrials in 22 well. Basing -- also looking up today after regulators delayed the implementation of new rules. Axl joins us from -- -- an axle why are banks and given more time to comply. With the stricter requirements. What -- short -- police or is that so if they had not given more time the chances are willing to downtown Hayat. So well so regulators' hands are effectively tied if you like if they want banks to help us get through the tough times. Can't live -- them can't live without -- springs to mind that. As you say they've been given some breathing space basically regulators have given them four more years to improve that funding positions. A far softer approach -- at least have been than many had expected. But even though this is for the -- a good -- is found to be lots of hand wringing now. About the banks out on the one hand being responsible for the for the Google Maps and on the other hand the extent to which regulators and government. Can actually I do very little given the critical. And the central role of the banks and I'll marketplace suffice December saw the share price is that you are banking index being very well supported on the back of this today -- -- A little behind them who -- All right -- thanks so much from London to. No break president believes that Disney what is exclusively reporting in media giant considering layoffs -- -- studio division. And it's interactive unit which creates online games the cost cutting moves under consideration despite the -- house according. Record earnings in November. One analyst calls the moves assign a fiscally responsible manage the studio division is increasingly relying on outside production companies for continent. While the higher demand for mobile games and not console games is impacting interactive unit. Did they close at fifty to nineteen Friday and is now I'm 5140. HL power play for our power players of the day the NHL owners. The league it's locked out players reaching a deal to end their costly labor dispute and salvage what's left left of the season. Those not yet signed the owners of the winners securing a 5050 split hockey related revenues the players previously received 57%. Owner also got a contract term limits for free agents. While us can claim small victories including a more favorable salary cap a 64 point three million per team. Up from 69. And finally. Planning in Melbourne Australia didn't even have to leave the airport to get a glimpse of one of Australia's most famous attractions. A 3 -- -- eastern gray mail kangaroo who mysteriously. Popped up pops up in Melbourne airport parking lot -- pretty good over the zone is basically what it authorities. He was finally subdued however as a thirty minutes it -- as -- as a sign of distress. It will be looked up by a vet before being released back into the wild or were they real. That's latest entry tag -- greatest Monday you can follow us on Twitter at Reuters Insider in -- and -- lazy to channel. At Reuters dot com slash -- -- I'm Lisa Bernhard this is where there.